The United Arab Emirates (UAE) has become a business hub and it has seen a huge influx of investors, company registrations, and overall growth in the business sector. This growth is dependent on a lot of factors but the most prominent of them all would have to be the UAE government and related authorities making it easier for investors to invest in places such as Dubai and reaping the rewards.
There are many challenges a business might face once they look towards the implementation stage. Today at Rizmona, we are covering one of the most basic yet foundational step when it comes to running your business successfully; how to open a bank account.
For any business, bank account opening remains one of the fundamental steps of running any business in the UAE. Once you have formally set up your company and acquired the company license, that is when you can start applying for a bank account in Dubai.
One of the most reliable and simplest bank account opening is offered by Mashreq Bank. Let’s dive into the details and what we need to know in order for us to open an instant Mashreq bank account.
Do I Need an Instant Account?
Whenever you are looking to make a decision, you need to weigh the pros against the cons and then make a neutral assessment. Here are some of the major benefits of opening an instant bank account:
- You don’t need to visit a branch, you can open your Happiness Salary Transfer Account online
- Simple online account opening
- Instant Online Banking and Mobile Banking access
- No Monthly fee and Minimum balance required
- Free Debit Card and First Cheque Book
- Free Remittance through MashreqOnline and Mashreq Mobile
Documents Required for Mashreq Bank Account Opening
Documentation process is arguably one of the most tedious but important step of any process, especially if you are looking to open a bank account. Based on these documents, the banks mostly decide whether they want to proceed with your application or not. This is the reason why it is so important to submit full documentation which is scanned and photocopied properly.
Here is the list of documents required to open an instant bank account at Mashreq Bank, UAE:
- Valid Emirates ID Copy (Front and Back)
- Valid Passport Copy
- Valid UAE Residence Visa Copy for Expatriates only
- Personal and Work Information
Eligibility Criteria of Mashreq Bank Account Opening
Oftentimes, bank account opening can be a tedious process. There are some requirements that need to be fulfilled before you can start applying for a bank account.
For Mashreq Instant Bank Account, there are only two basic requirements which are as follows:
- The person applying for the bank account must be 21 or above
- The applicant must be a UAE resident
Depositing Money in Mashreq Account
- Using any Mashreq Cash Deposit Machine available across UAE
- Making Fund Transfer from your existing Mashreq Account on Mashreq Online
- Swift Transfers from your other Bank account
Benefit of Opening a Happiness Salary Transfer Account
Mashreq Bank offers a wide range of offers that can accommodate businessmen, salaried people, and many others. For salaried people, a Happiness Salary Transfer Account is a viable option because you can get up to AED 2,000 as a joining bonus.
|Q. I’m not a UAE resident, can I open a Mashreq bank account?
A. Yes, non-residents can open a bank account with Mashreq. Currently, you can open Savings Account in AED and/or a Current Account in a range of popular foreign currencies with the bank. In addition to a valid passport, you will be required to provide a 2-month Bank Statement from the country of your residence.
|Q. Can I keep a track of transactions at all times?
A. Yes, you can do it through online banking. With Mashreq Bank’s online banking, you will always have the ability to keep your finances in check even on the go.
|Q. How can I subscribe to E-Statements?
A. You can subscribe to the E-Statements by simply logging into your account and then navigating to the option of E-Statements. Once checked, you will be receiving the E-Statements on a monthly basis from then onward.
|Q. How can I close my account?
A. In order to close your Mashreq Bank Account, you will need to place the request at a branch of the bank. You will need to carry your Emirates ID or your valid passport for verification purposes. There are certain charges for a specific type of account and the details are as following:
|Q. How can I inquire about my transactions?
A. For this, it is better to read up on official details provided by the bank itself. You can either log in to your Mashreq Online or Mashreq Mobile. If not, you can contact the bank and get details from there as well.
|Q. Do I need to maintain a minimum balance?
A. For the Current and Savings account, you do need to maintain a minimum balance in your bank account.
Our Banking Services
The bank account opening process can of course be tedious and difficult which is why at Riz & Mona, we offer our premium services to our clients and help them guide through the process. We have expert teams available to follow up on your demands and ensuring that we provide you with the results. So, contact us and acquire our banking services in UAE. Reach us at Whatsapp # +971 54582 1012 – Email: firstname.lastname@example.org